The readings i get on the watt meters on the mac amps are an accurate representation of actual watts going to the speakers,there are different settings the meters can be placed in but meter placement isnt an issue,the meters dont bounce around like most analog meters & it is very easy to see where the peaks are as oposed to running wattage or rms,voltage & current are taken into consideration & the result is what we see on the meter,its not a bouncy type meter & the readings are very smooth.
In the hold position the meters slow down drasticaly to show the peak output but you can still see meter movement between the lowest peak & highest peak up to 4,800 watts in this position,these readings are far different than in the watt mode used to measure output,when switched from "watt" to "hold" the meter will slow at the lowest peak & go to the highest peak,when switched back to the watt setting the meters will drop to show running wattage or rms.
About 2 years back i briefly spoke with Chuck Hinton at mac labs about an issue i was having with my mc2102 tube amps meters & we touched base on this subject,my understanding of serious tech talk is small so i was taking in as much as i could & my understanding was that the meters show accurate rms,im sure either Chuck or Ron over at mac labs could give an in depth explaination.
From the Mcintosh website.
The output watt meters respond to 95% of full scale in a single cycle tone burst at 2khz. Voltage & current output are electronicly measured,multiplied & fed to a special circuit that accelerates the pointer movement in the upward direction. When the pointer reache's it's peak it pauses only long enough for the human eye to perceive its position,then drops. It is allmost 10 times faster than a professional VU meter.